August 23, 2010
I trade stocks and options frequently. I am aware about wash sale rules, but I still ignore those impossible set of rules, but I demand that tax software vendors like TaxCut or TaxTurbo come up with improved capabilites on figuring out the bryzanite rules on wash sales. Those wash sale rules turn my brain into mush because it requires computing power to adhere to the rules. I still continue to buy same stock or option which I sold at loss less than 30 days before or after. I am not a crazy trader , but I need better assistance from tax software to sort out what I can carry over the wash sale losses to next year and so forth . I would appreciate very much if someone can explain to me why wash sale rules is still a necessity in this instant computer age. I suspect that those wash sale rules is long obsolete long ago, so why still keep them? I need to understand why.